Press release
Let's Check What's Technological Innovations & Trends in Automotive Led Lighting Market
Automotive Led Lighting Market
Increasing growth in the automobiles industry has led to high demand for automotive LED lighting globally. Stringent government regulations regarding use of halogen and xenon lights in the recent past has fostered demand for LED lights.
Despite high projected scope for growth of the global automotive LED lighting market due to various positive factors, certain restraining factors remain to consider. Key factors challenging growth of the global automotive LED lighting market include low sales of vehicles in some countries.
Among the two vehicle type segments, the passenger vehicle segment in the global automotive LED lighting market is estimated to account for major revenue share of over 60% in 2017, and is expected to continue its dominance over the forecast period.
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Among the two sales channel type segments, the OEM segment in the global automotive LED lighting market is estimated to account for major share of over 70% in 2017 in terms of revenue
Rising preference by pre-owned car owners for aftermarket solutions in Asia Pacific region and presence of prominent players such as Changzhou Xingyu Automotive Lighting System Co, Ltd., TYC Brother Industrial Co., Ltd., etc. is expected to boost growth of automotive LED lighting market in Asia Pacific.
Adoption of energy efficient lighting systems such as LED in passenger vehicles, coupled with increasing automotive production in countries such as UK, Germany, and Italy are some factors expected to support growth of the automotive LED lighting market in Europe.
The automotive LED lighting market in Asia Pacific is estimated to account for major revenue share of US$ 1,224.6 Mn in 2017, and is expected to register a lucrative CAGR in next ten years
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